Established Conventional
For Sale
$329,000
2 Founders St, Patten, ME 04765
Restaurant business serving local patrons and visitors near regional outdoor recreation routes.
Property Size1,956 SF
Price / SF$168.20
Days on Market30
Property Features for 2 Founders St
General Information
Standard status
Active
Size
1,956 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1968
Listing Agency:
Realty of Maine
(207) 267-0656
Listed By:
Sheldon Anderson
Source:
Lawanaandcompany
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 30 at 8:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty of Maine
Investment Insights
Based on property information with market context.
This conventional restaurant occupies a 1,956-square-foot property built in 1968. The business has operated in the community for more than 30 years and serves an established local customer base, along with visitors traveling through the area.
The property is at the edge of the Aroostook Scenic Highway in Patten, with access from local ATV and snowmobile trails. Its setting also places it along routes used to reach Baxter State Park and the Katahdin Woods and Waters National Monument. Seasonal outdoor activity in the surrounding area includes hunting for bear, deer, moose, and grouse, as well as freshwater fishing, creating a customer base that includes repeat regional visitors.
The property is at the edge of the Aroostook Scenic Highway in Patten, with access from local ATV and snowmobile trails. Its setting also places it along routes used to reach Baxter State Park and the Katahdin Woods and Waters National Monument. Seasonal outdoor activity in the surrounding area includes hunting for bear, deer, moose, and grouse, as well as freshwater fishing, creating a customer base that includes repeat regional visitors.
Key Highlights
- 1,956‑square‑foot restaurant property
- Built in 1968
- Operating in the community for more than 30 years
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,646
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$532,920
$532.9K
Cap Rate 7%
$380,657
$380.7K
Cap Rate 9%
$296,067
$296.1K
Market Conditions
NOI Build-Up for 1,956 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.1K $18.96/SF
− Vacancy
−$1.6K −$0.80/SF
EGI
$35.5K $18.16/SF
− OpEx
−$8.9K −$4.54/SF
NOI
$26.6K $13.62/SF
Area
Penobscot County, ME
Vacancy
4.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$532,920
Cap Rate 7%
$380,657
Cap Rate 9%
$296,067
Alternative Uses
Best Use
Specialty Retail
$380.7K
$333.1K – $444.1K
NOI $26,646 @ 7.0% cap · market cap 8.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$631.7K
$552.8K – $737.0K
NOI $44,221 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
475
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Napa Auto Parts
Shops & Services
475 visits/mo
0.1 miles
Demographics for 04765, ME
1,122
Population
1,073
Households
1
Avg Household Size
52
Median Age
25%
College-Educated
90%
High-School Grad
750.6 sq mi
ZIP Area
1
Density / Sq Mi
$47,269
Median Household Income
$33,631
Median Earnings
$347
Median Rent
$120,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant business serving local patrons and visitors near regional outdoor recreation routes.
Where is this conventional restaurant located?
The property is located at 2 Founders St Patten, ME.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 1,956‑square‑foot restaurant property; Built in 1968; Operating in the community for more than 30 years
